PartnerRe Names New CEO: Costas Miranthis
Bermuda based reinsurer PartnerRe announced that Costas Miranthis has been named the new President and Chief Operating Officer of PartnerRe Ltd., and will arrive in Bermuda to take up the post subject to approval by Bermuda immigration.
Mr. Miranthis will succeed Patrick Thiele as CEO, effective January 1, 2011, following Mr. Thiele’s decision to retire effective December 31, 2010.
46 year old Mr. Miranthis is currently CEO of PartnerRe Global, and is a member of the PartnerRe Group Executive Committee. Appointed to his current role in May 2008, Mr. Miranthis is responsible for the executive management of the Company’s Life operations, all non-Life reinsurance operations and support functions outside the U.S.
In 2007, Mr. Miranthis was appointed Deputy CEO, PartnerRe Global, and was responsible for the management of all Global business units. Mr. Miranthis joined the Company in 2002 as Chief Actuary with responsibility for PartnerRe’s Actuarial and IT functions. Prior to joining PartnerRe, Mr. Miranthis spent 16 years with Tillinghast-Towers Perrin in London U.K., most recently as Principal.
Mr. Miranthis holds a MA in Economics from Christ’s College, Cambridge University, U.K. He is a Fellow of the Institute of Actuaries and a Member of the American Academy of Actuaries. Businessweek lists his 2009 compensation at $3.5 million.
Patrick Thiele, current CEO of PartnerRe said:
I fully support the Board’s decision to name Costas as my successor, and I am confident that I will leave PartnerRe in good hands when I retire at the end of this year. The fact that we are in the position to appoint PartnerRe’s next CEO from within the Company is a testament to the strength and depth of talent at this organization. I know that Costas, with the support of the executive management, will continue to build a well managed company that provides unquestionable security for its clients and an appropriate return for its shareholders.
Incoming CEO Mr. Miranthis commented:
I am very happy to accept the Board’s offer to succeed Patrick. I have enjoyed working together with Patrick and my executive colleagues to build this company into the reinsurance leader it is today. I look forward to continuing to work with the Board and management team to build on the success we have achieved so far.
In related news, Jean-Paul Montupet has been named as Chairman of PartnerRe Board of Directors. Mr. Montupet replaces John Rollwagen, who was also re-elected as a Director and will remain a member of the Board.
PartnerRe Ltd. is a Bermuda based global reinsurer, providing multi-line reinsurance to insurance companies. For the year ended December 31, 2009, total revenues were $5.4 billion. At March 31, 2010, total assets were $24.8 billion, total capital was $8.2 billion and total shareholders’ equity was $7.4 billion.
